Hudson’s Bay — Canada’s oldest company — will close its last six stores that were spared in an initial cull, with merchandise sold off starting Friday, according to a court filing.The department store chain had received court approval to close all but six of its 80 stores after filing for protection from creditors owed more …
Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the world’s largest car market, seeking to claw back sales lost to domestic rivals.At this week’s Auto Shanghai, the largest global industry show of its kind, foreign firms — in particular legacy German ones — pitched dozens of electric, …
European carmakers on China charm offensive as sales droop Read More »
Mourners queued in their thousands for hours on Thursday to catch a last glimpse of Pope Francis’s body on the second day of public tributes as Italian authorities stepped up security arrangements ahead of his weekend funeral.Some 61,000 people had filed past the late Catholic leader’s red-lined wooden coffin in the first 26 hours since …
The road ahead looks treacherous for Nissan after the Japanese auto giant predicted an enormous loss just as US President Donald Trump’s tariffs on car imports hit the industry.Nissan on Thursday warned it expected to have posted a loss of 700-750 billion yen ($4.9-$5.3 billion) in the business year that ended in March, blaming asset …
Warning lights flash at Nissan after monster profit warning Read More »
Struggling Japanese auto giant Nissan issued a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year.One of the top 10 automakers by unit sales, Nissan is heavily in debt, having trouble selling vehicles in the Chinese market, and like its peers faces a potential body …
Nissan forecasts huge annual net loss of up to $5.3 bn Read More »
Asian markets were mixed on Thursday after President Donald Trump said he had “no intention” of firing the US central bank head and made conciliatory comments on his trade war with China.Trump’s attacks on the Federal Reserve for not cutting interest rates had raised fears that he would fire its “Mr. Too Late” chief Jerome …
Australia will stockpile critical minerals in a new strategic reserve, Prime Minister Anthony Albanese said Thursday, as nations scramble to source rare earths and coveted metals outside China. Mining superpower Australia sits on bulging deposits of lithium, nickel and cobalt — metals used in everything from smartphones to electric vehicles. But most of this boon is sold …
Australia to stockpile critical minerals in strategic reserve Read More »
South Korea’s economy unexpectedly contracted 0.1 percent in the first three months of this year, the country’s central bank said Thursday, as the Asian export giant reels from months of political chaos and heightened trade tensions. US President Donald Trump’s threatened 25 percent “reciprocal” tariffs on export-dependent South Korea have rattled Asia’s fourth-largest economy, sending Seoul-listed …
S. Korea’s economy shrinks in first quarter as trade war hits exports Read More »
A year ago Zhang Chundong helped the firm he manages expand into Vietnam, part of a wave of Chinese businesses to choose the booming manufacturing hub since the trade war of US President Donald Trump’s first term.Now the company — a distributor of forklifts made by China’s BYD — is struggling to achieve the fast …
Chinese business in Vietnam struggles with Trump tariffs uncertainty Read More »
US Treasury Secretary Scott Bessent said Wednesday that Washington has “no currency targets” in its talks with Japan on tariffs, after repeated calls from President Donald Trump for a stronger yen.Japanese media reported meanwhile that a second round of talks in Washington was set for May 1, which will be closely watched as a barometer …
Bessent says ‘no currency targets’ in Japan tariff talks Read More »
